0001792789-25-000012
SEC filingDoorDash issued $2.75B convertible notes and placed $2.5B escrow for Deliveroo; $5B buyback authorized but unused.
As of June 30, 2025, DoorDash held $3.9B in cash and cash equivalents, $1.8B in marketable securities, and $2.75B in restricted cash, most of which ($2.5B) was deposited in escrow for the pending Deliveroo acquisition. The company issued $2.75B of 0% convertible notes in May 2025, increasing total debt to $2.7B (net of issuance costs). Shareholders' equity rose to $8.9B, driven by net income and other comprehensive income. The balance sheet remains highly liquid, with a net cash position (cash + marketable securities – total debt) of $3.0B.
DoorDash disclosed $692M in insurance collateral requirements, satisfied via surety bonds and letters of credit. The company also maintained an $800M revolving credit facility with no borrowings outstanding. The Deliveroo acquisition involves a £2.8B cash consideration; $2.5B was placed in escrow as of June 30, with an additional $1.32B deposited in July 2025. The Bridge Credit Agreement (up to $2.85B) was subsequently terminated. No other material purchase commitments were disclosed.
DoorDash announced a $5.0B share repurchase program in February 2025 (inclusive of prior remaining authority) but made no repurchases during the six-month period. No dividends were declared. The company funded its Deliveroo-related needs through a $2.75B convertible note offering, also entering into note hedges ($680M) and warrant sales ($341M) that netted $339M in equity. Capital expenditures totaled $0.3B (4.6% of revenue), primarily for software development and merchant equipment.
The company operates as a single reportable segment. Revenue for Q2 2025 was $3.3B, up 25% YoY. Geographic breakdown: United States $2.8B, International $0.5B (no individual foreign country exceeded 10% of total). The segment's operating income improved to $0.2B from a loss of $0.2B a year ago, reflecting operating leverage.
During the six months ended June 30, 2025, DoorDash's operating cash flow (CFO) of $1,139M significantly exceeded net income of $476M, reflecting high-quality earnings driven by non-cash charges such as stock-based compensation ($517M) and depreciation/amortization ($311M). Capex intensity (capex/CFO) stood at 25.5%, up from 13.4% in the prior year, primarily due to increased capitalized software and property purchases. The company's FCF (not explicitly stated) would be CFO minus capex, implying $849M, but this figure is not official.
Notable anomalies include a large investing cash outflow of $1,101M, mainly from acquisitions ($1,173M) and net purchases of marketable securities, partially offset by sales. Financing activities provided $2,378M, headlined by $2,722M in proceeds from convertible notes, offset by $680M in hedges. Working capital changes were a net positive, with increases in funds held at payment processors and accounts payable, while accrued expenses decreased. Overall, the cash position grew by $2,479M, ending at $6,700M.